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Deleting currency zeros throughout the history of the world .. Will Iraq join the list?


DWS112
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45 minutes ago, Laid Back said:

All the countries mentioned in the article, deleted the zeros from their currency because of hyperinflation. That’s not the case with Iraq 🇮🇶 
 

Inflation in Iraq is +/-2%

Your exactly right LB, not to mention that Iraq had the 3 zeros added to there currency in one big swoop when the war started.

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3 hours ago, KDuesing said:

Your exactly right LB, not to mention that Iraq had the 3 zeros added to there currency in one big swoop when the war started.

That’s why the idea of an RV back to 3.22 etc always made sense to me.... if you had your wealth stolen from you from 3.22 to 1 all the way to 1:4,000 would you be happy if it didn’t go back to what you had lost? Just the way I see things I guess. Want things to be fair

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11 hours ago, Half Crazy Runner said:

Absolutely. This is why I’m expecting some sort of last minute excuse for it not to happen. There’s got to be some Vegas odds on just what that excuse might be 😆

Agree. If the debate takes place it would still surprise me. But then again, what hasn't surprised this political cycle? 

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On 9/26/2020 at 10:03 PM, DinarThug said:

692549908_Abadi-Afterthreeorfouryears.jpg.b8df5710de07c77d2de1617f295d5c34.jpg

 


Ya - But That Was From Over 2 1/2 Years Ago In February Of 2018 Fred ! ;) 

 

 

So U Can Go Ahead And Get Ur ‘Wicked Vibing’ Countdown Dance Party Started ! :o 

 

the flintstones 90s GIF


:D  :D  :D 

 

On 9/26/2020 at 10:01 PM, Carrello said:

 

3 years from the date on the tweet is 5 months from now.

Thanks guys I didn't put my specs on this morning XD

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11 hours ago, NEPatriotsFan1 said:

That’s why the idea of an RV back to 3.22 etc always made sense to me.... if you had your wealth stolen from you from 3.22 to 1 all the way to 1:4,000 would you be happy if it didn’t go back to what you had lost? Just the way I see things I guess. Want things to be fair

I like the way you think. $3.22 make a sense to me. let's hope goi and cbi can make it happen. wheew my heart will beat so hard  if cbi can initially rv at $3.22.

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Iraq: the government is compelled to "delete the zeros" from the dinar currency ... more than three expected "scenarios" that will affect salaries and living

2020-09-30

GettyImages-82605663-870-845x458-1.jpg?resize=696%2C377&ssl=1

 

The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.


Sumaisem said in a statement monitored by "Yis Iraq": that the printing of currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance, but today it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people Those who import from abroad to the demand for local goods, which will lead to the devaluation of the currency and the demand for it becomes more.


Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.


And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.


In Iraq, it was proposed in 2014 to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominations. Sudan also removed two zeros from its currency in 2007.


And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.


Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.


Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.


As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.

 

Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.

 

Bolivia also got rid of its zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name "New Lira" before the name " The lira ”separately, and it gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.

 

Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!

 

Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana.

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And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

 

 

Oh boy!  If they do that, we're sunk.  

10 years wasted, following the dinar.    

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3 minutes ago, Spartakus said:

I agree with you Floridian but fortunately he's just an economist giving his opinion. I don't think that this Iraqi government would do worse than the last one.

 

Thanks, Spartakus.  I didn't even notice that it was just an economist that said it.  

Let's hope he doesn't know what he's talking about and it's nothing the government is considering.

I can't even imagine how the population would react.  They already have a toilet paper currency.  

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